MacFarlane-CalPers JV to Acquire Major Stake in AOL Time Warner Center

NEW YORK CITY-With the fall opening date for AOL Time Warner Center drawing near, the city’s hottest development is about to take on a major new partner. San Francisco-based real estate investment management firm MacFarlane Partners, in joint venture with the California Public Employees’ Retirement System, has entered into an agreement to purchase a significant stake in the project.

Developers Apollo Real Estate Advisors LP and the Related Cos. will sell MacFarlane will a 49.5% stake in the building’s 347,000-sf Shops at Columbus Circle retail space; 211,000 sf of class A, non AOL Time Warner office space known as 60 Columbus Circle; and the facility’s tri-level, 504-vehicle parking structure. While the price won’t be set until January 2005, when the deal closes, the value is expected to amount to somewhere between $425 million and $500 million.